https://www.taxtmi.com/caselaws?id=769340 ITAT Kolkata allowed the assessee's appeal on three grounds. The tribunal deleted the disallowance of speculation loss and addition u/s 68, ruling that commodity income cannot be treated as bogus since no regulations require off-market transactions to be reported to exchanges. The addition u/s 56(2) for gift from father was deleted, accepting that in an HUF, the father qualifies as a relative. The tribunal also deleted the addition for amount received from educational trust u/s 56(2), finding that since the trust had already paid taxes on the transferred amount, no further taxation was warranted on the beneficiary. en-us Wed, 16 Apr 2025 00:00:00 +0530 Thu, 24 Apr 2025 09:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769340 ITAT Kolkata allowed the assessee's appeal on three grounds. The tribunal deleted the disallowance of speculation loss and addition u/s 68, ruling that commodity income cannot be treated as bogus since no regulations require off-market transactions to be reported to exchanges. The addition u/s 56(2) for gift from father was deleted, accepting that in an HUF, the father qualifies as a relative. The tribunal also deleted the addition for amount received from educational trust u/s 56(2), finding that since the trust had already paid taxes on the transferred amount, no further taxation was warranted on the beneficiary. Case-Laws Income Tax Wed, 16 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769340